With tax season upon us again, many people are wondering when they might expect to receive their tax refund. Some people believe that getting a large tax refund is not as desirable as more accurate withholding throughout the year, as a large refund represents a loan paid back by the government interest-free. Optimally, a return […]
Selling Your Gulf Shores Home After Making Improvements
If you’re selling your Gulf Shores home after you’ve made substantial improvements, known as capital improvements, the money you spent on those improvements could help lower your tax bill when you sell. Tax rules let you add capital improvement expenses to the cost basis of your Gulf Shores home. Why is that a big deal? Because […]
Mortgage Interest Deduction Escapes Ax For Now
The housing market and the housing industry have escaped the ax on several fronts now that lawmakers have at least partially resolved Washington’s “fiscal cliff” budget fiasco. A bill passed by Congress to pull the nation back from the brink of end-of-year tax hikes and spending cuts contains several provisions that are favorable to housing. […]
Gulf Shores Home Values Could Be Affected By Limiting Tax Deductions
Limiting real estate tax deductions could definitely affect Gulf Shores home values, and it’s an issue you’re likely to hear more about as Congress and the Obama administration continue negotiations on the comprehensive tax reform that could send the economy over the “fiscal cliff.” What Could Happen to Gulf Shores Home Values? Any significant reductions […]
Tax Benefits of Owning Gulf Shores Real Estate
While there are many advantages to owning Gulf Shores real estate, the tax benefits are some of the most important to consider. For decades, the Federal Government has incentivized homeownership through tax benefits that are not available to renters. These benefits not only help reduce the homeownership costs, but also the costs of buying and […]
Gulf Shores Mortgage Tax Deductions At Risk
Gulf Shores mortgage tax deductions could be going away, all thanks to Congress’s new federal debt ceiling plan. The compromise legislation created an unusual mechanism — an evenly split, 12-member bipartisan supercommittee — that could call for major cutbacks on real estate write-offs by Thanksgiving. All it will take is a single vote by a […]
Most Gulf Shores Second Homes Will Escape New Tax
Owners of most Gulf Shores second homes will not be affected by the new 3.8 percent tax on some investment income that will take effect in January 2013. The new tax will hit those taxpayers with adjusted gross incomes over $200,000 a year ($250,000 for married couples filing jointly). Adjusted gross income is the number […]
Time to Start Thinking Taxes
Even though tax day is still more than 2 months away, it’s never too early to start gettin yourself organized and ready to file, so you’re not one of the millions of procrastinators who wait til the last minute to file, or have to file an extension because you just weren’t ready. This is one […]
Tax Refund or Tax Bill: Which Is Better?
Is it better to get a big tax refund or change your W-4 withholdings and risk a tax bill? Kiplinger has the answer… Do you look forward to a big tax refund every year, or do you end up paying more in taxes? We’d love to hear from you. Just click the link below and […]
Holiday Tax Moves to Make Now, Part 2
With Chirstmas coming on fast, taxes are probably not first and foremost in your mind right now, but there are some smart moves you can make between now and the time the big ball drops in Times Square that will make a real difference with it comes time to deal with the IRS next April. […]
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